The local note, however, traded higher against a basket of major currencies.
At 6pm, the local note depreciated to 4.2310/4.2400 against the greenback from last Friday’s close of 4.2180/4.2260.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid stated that the latest remark by US President Donald Trump on an additional 10% tariff for countries aligning themselves with BRICS has taken centre stage.
Yesterday, Trump was reported saying that any country aligning with BRICS’ ‘anti-American policies’ will face an additional 10% tariff.
“This goes to show that the tariff fear seems to make a comeback as the 90-day pause period is coming to an end this week.
“The US Dollar Index (DXY) gained 0.03% to 97.208 points (at the time of writing). It seems to be risk-off mode at the moment,” Afzanizam told Bernama.
At the close, the ringgit traded higher against a basket of major currencies.
It rose against the euro to 4.9647/4.9752 from 4.9675/4.9770 on Friday, appreciated against the Japanese yen to 2.9091/2.9155 from 2.9225/2.9282, and advanced slightly versus the British pound to 5.7563/5.7685 from 5.7601/5.7710 previously.
The local note traded mostly higher against its Asean counterparts.
It improved vis-a-vis the Singapore dollar to 3.3096/3.3172 from 3.3114/3.3182 on Friday, and marginally higher against the Philippine peso at 7.46/7.48 from 7.47/7.49 previously.
However, it strengthened against the Thai baht to 12.9837/13.0173 from 13.0302/13.0609, and was almost flat against the Indonesian rupiah at 260.5/261.2 from 260.6/261.2 on Friday. - FMT
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